First-time buyers save for a decade for a deposit

Wannabe homebuyers are having to scrimp and save for up to 10 years in order to get their deposit together, new research suggests.

A study by campaign group Which? found that 69% said it took more than two years to build up their home deposit.

But for a quarter of those polled, they had to save between five and 10 years, illustrating the struggle of ‘generation rent’ to get onto the property ladder.

The research also revealed that the ‘bank of mum and dad’ continues to play a central role in the property market as 29% of home buyers were helped by contributions from parents.

A further 8% were given financial help by other family members. Looking at London specifically, 39% received financial contributions from parents when taking their first step on to the property ladder.

David Blake, principal mortgage adviser of Which? mortgage advisers, said: “Our research reveals the real difficulty that first time buyers have in saving enough money for a deposit.

“Given how hard it can be to get onto the property ladder, ensuring you have the right mortgage could not be more important. Seeking independent mortgage advice early on is vital in order to know what options are open to you.”

Which? has launched a free tool to help first time buyers work out how long it will take them to save enough to buy a property.

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